丨证券研究报告丨 公司研究丨点评报告丨宇通客车（600066.SH） [Table_Title] 宇通客车 2025 年 Q2 点评：销量结构改善提升 盈利能力，归母净利润超预期 报告要点 [Table_Summary] 公司发布 2025 年二季度业绩，2025 年 Q2 实现营业收入 97.1 亿元，同比-0.1%，环比+51.3%； 归属于上市公司股东的净利润 11.8 亿元，同比增长 16.1%，环比+56.4%。全球客车龙头，长 期成长性较好+持续高分红能力，凸显投资价值。国内市场，座位客车持续增长，"以旧换新" 政策加码，促进新能源公交增长；海外市场，全球化+高端化战略推进，出口凸显盈利水平，支 撑公司业绩持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宇通客车（600066.SH） cjzqdt11111 [Table_Title 宇通客车 2025 2] 年 Q2 点评：销量结构 ...

相关报告：智研咨询发布的《2025-2031年中国纯电动汽车行业市场调查研究及发展前景规划报告》 根据中国海关数据显示：2025年6月中国纯电动客车(10座及以上)出口数量为1922辆，同比增长 189.9%，出口金额为3.4亿美元，同比增长203.7%。 近一年中国纯电动客车(10座及以上)出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The article discusses the public tender announcement for the procurement of 842 pure electric city buses by Chongqing Public Transport Operation Co., Ltd., with an estimated total amount of approximately 644.03 million yuan [1][4]. Group 1: Tender Conditions - The tender project is for the procurement of city buses for 2025, funded by the company's own resources, and is now open for public bidding [2]. - The project has met the necessary conditions for bidding [2]. Group 2: Project Overview and Scope - The project is located in Chongqing City [3]. - The procurement includes six bidding sections with specific requirements for bus types and quantities: - Section 1: 5 buses, 5.9±0.1 meters long, pure electric city buses [4]. - Section 2: 20 buses, 5.9±0.1 meters long, with "1+1" seating arrangement [4]. - Section 3: 256 buses, 7.0±0.2 meters long, with varied seating arrangements [4]. - Section 4: 215 buses, 8.5±0.2 meters long, with varied seating arrangements [4]. - Section 5: 336 buses, 10.5±0.1 meters long, with varied seating arrangements [4]. - Section 6: 10 buses, 10.5±0.1 meters long, with varied seating arrangements [4]. - The total estimated project amount is approximately 644.03 million yuan [4]. Group 3: Delivery and Timeline - The delivery location is specified as designated sites in Chongqing's main urban area [5]. - The delivery period is set to be completed within 40 calendar days after the contract is signed [6]. Group 4: Bidder Qualifications - Bidders must have a valid business license and independent legal entity status [8]. - Only bus manufacturing companies are allowed to participate in the bidding [9]. - Bidders must ensure that their products meet national standards and certifications [9][10]. Group 5: Bid Submission - The deadline for submitting bids is set for September 22, 2025, at 10:30 AM [12]. - Late submissions or those not delivered to the specified location will be rejected [13]. Group 6: Announcement and Contact Information - The tender announcement is published on multiple platforms, including the Chongqing Public Resources Trading Network [14]. - Contact details for the bidding company and the bidding agency are provided for further inquiries [15].

每经AI快讯，中通客车（SZ 000957，收盘价：11.57元）8月27日发布公告称，公司第十一届第十二次 董事会会议于2025年8月25日在公司本部召开。会议审议了《关于山东重工集团财务有限公司风险评估 报告的议案》等文件。 2025年1至6月份，中通客车的营业收入构成为：客车制造占比100.0%。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王晓波） ...

Core Viewpoint - Zhongtong Bus reported significant growth in revenue and net profit for the first half of 2025, driven by favorable market conditions and strategic product transformations [1][2]. Financial Performance - The company's revenue for the first half of 2025 reached 3.941 billion yuan, representing a year-on-year increase of 43.02% [1]. - Net profit attributable to shareholders was 190 million yuan, showing a year-on-year growth of 71.61% [1]. Industry Trends - The overall market size of the bus industry is experiencing growth, particularly in the domestic market, supported by the continuation and enhancement of subsidies for new energy buses and battery updates [1]. - The tourism bus market has entered an adjustment phase after previous growth, with demand shifting towards high-end, customized, and smaller vehicles [1]. - In the overseas market, the demand for buses is increasing due to economic development and public transportation needs, with Chinese bus products becoming more competitive, leading to sustained export growth [1]. Sales and Market Strategy - Zhongtong Bus sold 5,839 buses during the reporting period, marking a year-on-year increase of 2.38% despite pressures in the domestic tourism bus market [1]. - The company is actively promoting product structure transformation and enhancing product performance and after-sales service, achieving growth against market trends [1]. Research and Development - The company invested 125 million yuan in R&D, focusing on new energy, intelligence, connectivity, safety, reliability, economy, and comfort in bus technology [2]. - Notable advancements include the launch of tour buses equipped with AMT automatic transmission, which improved driving comfort and received high customer recognition [2]. - The company is advancing its intelligent driving initiatives, with a 12-meter intelligent driving bus operating regularly in Jinan [2]. Market Expansion - Zhongtong Bus is optimizing its market structure and leveraging resources from Shandong Heavy Industry Group to respond to the "Belt and Road" initiative, achieving breakthroughs in new energy bus exports [2]. - Overseas revenue reached 2.757 billion yuan, a year-on-year increase of 49.94%, accounting for 69.96% of total revenue [2].

Core Viewpoint - Zhongtong Bus (000957.SZ) reported significant growth in its financial performance for the first half of 2025, indicating strong operational momentum and profitability improvements [1] Financial Performance - The company achieved operating revenue of 3.941 billion yuan, representing a year-on-year increase of 43.02% [1] - The net profit attributable to shareholders of the listed company was 190 million yuan, reflecting a year-on-year growth of 71.61% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 175 million yuan, showing a year-on-year increase of 75.34% [1] - Basic earnings per share were reported at 0.3211 yuan [1]

格隆汇8月26日丨中通客车(000957.SZ)公布2025年半年度报告，上半年公司实现营业收入39.41亿元，同 比增长43.02%；归属于上市公司股东的净利润1.90亿元，同比增长71.61%；归属于上市公司股东的扣除 非经常性损益的净利润1.75亿元，同比增长75.34%；基本每股收益0.3211元。 ...

人民财讯8月26日电，中通客车（000957）8月26日晚间披露半年报，公司2025年上半年营业收入为 39.41亿元，同比增长43.02%；归母净利润1.9亿元，同比增长71.61%；基本每股收益0.3211元。公司在 新能源客车出口方面取得关键突破，海外市场正逐步成为公司业绩增长的重要支撑。 ...

Core Viewpoint - Yutong Bus Co., Ltd. demonstrated strong performance in the first half of 2025, maintaining its leading position in the bus industry despite a cyclical downturn in the domestic market, with significant sales and profit growth [1][2][6]. Financial Performance - In the first half of 2025, Yutong sold 21,321 buses, a year-on-year increase of 3.73% - The company achieved operating revenue of 16.129 billion yuan and a net profit attributable to shareholders of 1.936 billion yuan, reflecting a year-on-year increase of 15.64% [1]. Market Position - Yutong maintained its industry leadership with a market share of 55.4% in the large and medium-sized bus segment, which is an increase of nearly 7 percentage points year-on-year [2]. - In the public transport bus market, Yutong's sales of large and medium-sized buses reached 7,406 units, a year-on-year increase of 38.5%, with a market share of 22.2%, up 8.7 percentage points [2]. Product Innovation and Strategy - Yutong has focused on high-end, customized, and intelligent networked products in the tourism bus market, launching models like the Tianyu S12, which features the highest bus body in the industry [4]. - The company has also anticipated the demand for elderly-friendly and customized buses, increasing the sales proportion of low-floor elderly-friendly buses from 13% in 2021 to 60% in the first half of 2025 [5]. Export Growth - Yutong's export of buses reached 2,103 units in June 2025, a year-on-year increase of 33.19%, outpacing the industry growth rate [8]. - The company has made significant deliveries in key regions such as Europe, Africa, and Central Asia, including a notable order of 287 electric buses to Norway [9]. Research and Development - Yutong's R&D expenditure reached 746 million yuan in the first half of 2025, accounting for 4.63% of its operating revenue, indicating a strong commitment to innovation [11]. - The company has made breakthroughs in battery life and intelligent technology, including the development of a 15-year pre-lithiation long-life battery technology [11][12]. Future Outlook - The demand for buses is expected to see slight growth in the second half of 2025, driven by policies promoting new energy buses and urban transportation integration projects [12]. - Yutong is well-positioned to benefit from expanding domestic and international markets, leveraging its product, channel, and brand advantages [12].

Core Viewpoint - Yutong Bus Co., Ltd. has announced its semi-annual profit distribution plan, proposing a cash dividend of 5 yuan per 10 shares (including tax), reflecting a commitment to return value to shareholders while maintaining a healthy financial position [3][10][22]. Company Overview - Yutong Bus Co., Ltd. is engaged in the manufacturing and sales of buses and related products, with a focus on innovation and market expansion [4]. Financial Data - As of June 30, 2025, the company reported a distributable profit of approximately 5.58 billion yuan, with a total share capital of 2,213,939,223 shares, leading to a total cash dividend distribution of about 1.11 billion yuan [23]. Shareholder Information - The profit distribution plan is based on the total share capital as of the equity distribution registration date, ensuring that any changes in share capital prior to this date will not affect the per-share distribution amount [22][23]. Board Meeting Decisions - The board of directors convened on August 23, 2025, and unanimously approved the semi-annual report and profit distribution plan, demonstrating strong governance and alignment among board members [8][12][24]. Investor Communication - An investor performance briefing is scheduled for September 2, 2025, to discuss the company's semi-annual results and address investor inquiries, emphasizing the company's commitment to transparency and stakeholder engagement [28][31][34].